Online lending platform FlexiLoans
has acquired Mumbai based supply chain finance startup, CreditPeriod for an
undisclosed amount. With this move, FlexiLoans attempts to strengthen its supply
chain finance offering.
Founded in 2015 by CreditPeriod initially functioned as a B2B ecommerce
platform catering to the raw material procurement needs of SMEs. Now a
fintech startup, it allows SME buyers to procure goods/services on credit while
ensuring that sellers get their money upfront, thereby eliminating credit risk
and enabling instant liquidity.
FlexiLoans started operations in
January 2016 and was founded by four Indian School of Business alumni. FlexiLoans’ proprietary credit engine allows
the startup to disburse a loan within 24 hours. It has already partnered with
over 20 national digital marketplaces and organizations like Flipkart, Ola,
ShopClues and Jabong etc. The company plans to double loan disbursal in the
next one year and tap 200 cities.
As per an IBEF report, the fintech market in India is estimated to double to $2.4 Bn by 2020 from around $1.2
Bn at present. In February 2017, Bengaluru-based online lending platform Capital Float raised about $2.5 Mn
(INR 17 Cr) from IFMR Capital Finance and its alternative
investment fund. Earlier this month, Pune-based fintech startup EarlySalary rose
$4 Mn Series A funding from IDG Ventures
India (IDGVI) and Dewan Housing Finance Corp Ltd (DHFL). Other
startups in this segment include KountMoney, Faircent.com, LoanCircle, Capzest, etc.
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